Lloyds TSB Development Capital, the venture capital arm of the UK bank, has abbreviated its name to LDC. Michael Joseph, managing director of the company, said: “We are already widely known as LDC. The new brand clearly articulates our supportive, straightforward and pragmatic culture and our relationship based approach to the market.” The firm’s investment focus remains on buyouts and development capital deals requiring up to GBP30 million in equity funding.
In the first half of 2002 LDC invested over GBP80 million in 11 companies including Alan Dick (a wireless infrastructure specialist), discount retailer Ethel Austin, Craegmoor Healthcare and Adams Childrenswear. The AIM flotation of Lloyds British Testing and the secondary buyout of Wimpy have provided exits this year.
LDC has recently made a number of promotions and new appointments, expanding its regional presence in the UK mid-market.